Strata Insurance Tips: What to Do Before & After an Emergency
With spring on the horizon, it's important to keep in mind that in certain locations, severe weather season is upon us. No matter where you are, part of your duties as a council member of a strata corporation includes being prepared for any emergency.
Your emergency action plan should prioritize the safety of people, detail how to protect property, and direct council member roles and responsibilities before, during, and after a severe weather impact or any sort of emergency. A valuable factor that must also be considered as part of your emergency planning and response is community insurance coverage. The right insurance policy ensures that your community can withstand a severe weather emergency responsibly. By identifying and taking action on the methods that best serve and protect homeowners and their property in times of crisis, you instill a sense of confidence and calm in the community. Read on to learn tips on what to do before and after an emergency to get the most out of your insurance coverage.
What to do in Anticipation of an Emergency
Community insurance coverage can provide a feeling of security, protect your strata corporation's financial investments, and improve the safety of residents. Consider these strata insurance tips before an emergency.
REVIEW YOUR INSURANCE COVERAGE.
Make it a priority to regularly review your insurance coverage every year—especially before severe weather season may approach your area. Confirm you’ve made all insurance payments, ask about premium increases, identify any new risks, and guarantee your strata is covered properly and in compliance with all Strata Property Act requirements.
DOCUMENT ALL COMMUNITY ASSETS.
You’ll need to provide documentation of damage to your insurance company when you file a claim. However, to allow the insurance company to better evaluate the level of damage and for the claim filing process to go more smoothly, document the condition of the community’s assets prior to the emergency. Take time to photograph or video record community components that are at risk of being damaged by rough weather conditions, so you have some type of reference to the functionality of items before and after the impact of severe weather.
EVALUATE REPLACEMENT COSTS.
While replacement costs of major community assets should be determined while working on your annual budget and reserve account, now is the time when replacing critical units might be more likely. Note that there is a difference between replacement cost versus actual cost. In many cases, the replacement cost is going to be lower than the price that you actually paid for the item.
FAMILIARIZE YOURSELF WITH YOUR INSURANCE REPRESENTATIVE.
Make sure you know how to contact your insurance representative. You don’t want to waste time searching for a phone number or e-mail address in the middle of a disaster. Also find a safe place—off the premises of the community—to store your important documents, like photos, videos, and your insurance policy.
What to do After an Emergency
The right insurance partner should be helpful, communicative, and compassionate in the aftermath of an emergency. As a council member, it’s your job to assist your community in the recovery process. Here are tips on how to get your insurance company involved and process your claim.
IMMEDIATELY CONTACT YOUR INSURANCE COMPANY.
As soon as the emergency has passed and the threat to your safety has subsided, contact your insurance company to file a claim. Get the claims process started before your insurance provider becomes inundated with other requests. If you have evacuated, make sure that your community’s insurance representative knows where and how to reach you.
DOCUMENT ALL DAMAGE TO COMMUNITY ASSETS.
Once it is safe for you to explore and evaluate the premises, begin documenting all damage. Make sure to take detailed, high-resolution photographs or video that showcase the depth of the destruction, as this will be critical to recouping as much of the repair and recovery costs as possible. Don’t begin the process of hiring contractors to make repairs until after you’ve recorded everything that has been compromised.
PROMPTLY FILE ALL CLAIMS.
Work with your strata manager and insurance representative and adjuster to promptly file all insurance claims. Properly and promptly filing your claims will ensure that you receive compensation sooner. Be sure that your adjuster provides you with a proof of loss statement, which is an official form from the insurer detailing the scope of damage to the property. If there is any additional damage in the weeks following the emergency, continue to work with your adjuster to modify your claims.
CHOOSE YOUR REPAIR CONTRACTORS CAREFULLY.
Hiring reputable contractors is critical. While your community manager may have a network of trusted vendors, your insurance claims adjuster may also be able to provide some recommendations. As you consider bids for repair jobs, do your due diligence before signing a service contract.
REPORT AND RECORD ALL RECOVERY TRANSACTIONS.
Document the recovery process and maintain records of all relevant correspondence. This allows the council to easily reference all information and data relating to the emergency event and also provides future council members with valuable insight into how emergencies have been handled in the past.